Under the leadership of Mayor Bill de Blasio, we have become home to a record 8.4 million people, who speak an estimated 800 languages. We’ve reached an unprecedented four million total jobs, including over 94,000 private sector jobs in the last year alone. The Gross Annual City Product of $678 billion represents a 25% increase over the past decade average. We have more Fortune 500 Companies than anywhere else in the world. Tech companies like Samsung, Google, Facebook, and Amazon are expanding their footprints at an unprecedented pace.
But while we’ve seen success, our city’s economy also faces serious challenges. Jobs numbers are up, but we must remain vigilant that we are adding good-paying jobs. Over 21% of New Yorkers live below the federal poverty line of $22,811 for a family of four. More than half of New Yorkers are rent burdened, with rents rising rapidly as wages decline. We rely on a few high impact industries—the finance and insurance sectors account for 30% of our payroll and 27% of the City’s tax base, but only 9% of our employment. We lag behind other global cities with respect to 21st century infrastructure, including access to high-speed broadband.
With the number of challenges we face, it has become our vision to make New York City the global model for inclusive innovation and economic growth, fueled by the diversity of our people and our businesses.